“We underestimated the impact” of China’s slowing economy, said Xu Haidong, the association’s assistant secretary-general. Its full-year forecast was for growth of 3%, but he said that is now unrealistic. ‘ I’ll reconsider after I make some more money, hopefully in two or three years. I guess my Cayenne does the job. ’ —Wang Huan who scotched plans to trade in his Porsche Cayenne for a new luxury vehicle when stocks nose-dived Passenger-car sales fell 12% to 2.06 million in September, for a third-quarter decline of 7.6%. Nomura Securities Co. said Thursday it expects fourth-quarter sales to fall 7.5%, resulting in a full-year decline of 1.6%, which would be the first annual decline for China’s passenger-car market since 1990, Consumers are delaying vehicle purchases because of anxiety about the economy, Nomura said. Commercial-vehicle sales fell 8.4% in September, though for the first nine months of the year they were […]